News of currency controls

IMF: Formal talks over new deal with Argentina have begun

19-12-2024 21:09 The International Monetary Fund and Argentina have formally begun negotiations over a new loan agreement as the current programme draws to a close.

ANALYSIS: SHOCK THERAPY

Argentina takes steps to speed up Milei’s dollarisation strategy

19-12-2024 15:38 Argentina’s government is working with major banks and payment firms to advance Javier Milei’s dollarisation strategy.

NEW IMF PROGRAMME

IMF in talks with Argentina on loan to succeed US$44-billion deal

19-12-2024 14:13 International Monetary Fund confirms it has formally opened talks with President Javier Milei's government over a new loan programme to replace its existing US$44-billion deal.

ECONOMIC POLICY

Milei, Caputo increasing bullish as they outline new IMF deal timeline

19-12-2024 09:50 Argentina eyes fresh accord with the International Monetary Fund in the first third of next year, with President Milei confident of strong support, both at the Fund and on trade, from incoming US president Donald Trump.

MONETARY POLICY

Argentina weighs managed exchange rate once it lifts currency controls

16-12-2024 19:44 President Javier Milei's government is weighing whether to introduce a managed exchange rate regime — a “dirty float” — once it lifts its current foreign exchange controls in 2025.

365 days of Javier Milei

One year in, Milei yet to fulfill key economic campaign promises

09-12-2024 12:53 Dollarisation, the removal of the ‘cepo,’ and the closure of the Central Bank – though he has tamed inflation, President Javier Milei has yet to deliver on key economic promises in his first year in office.

IMF LOAN PROGRAMME

Argentina ‘sure’ of new IMF deal, says it doesn’t depend on Trump

21-11-2024 14:28 IMF spokeswoman Julie Kozack says authorities in Argentina are “exploring the option of moving to a new arrangement” with the multilateral lender to replace its existing US$44-billion loan programme.

IMF CREDIT LINE

Caputo says Argentina in talks with IMF over new deal, fresh funds

23-10-2024 13:58 After being hailed as “finance minister of the year” by a magazine in Washington, Argentina’s Economy Minister Luis Caputo Caputo said talks with the International Monetary Fund over a new agreement that includes fresh funds are underway.

CAPITAL CONTROLS

Why Milei can’t lift currency controls any time soon

16-10-2024 12:15 Argentina has had strict currency controls in place for the past nine out of 13 years. President Javier Milei wants to get rid of them, but for now, he's sticking to the existing regime.

CAPITAL CONTROLS

Government to adopt flexible exchange rate after lifting controls

15-10-2024 23:17 Milei states at conference that government will adopt a “flexible” exchange rate on the peso after it lifts capital controls.

MONETARY POLICY

Argentina overcomes key hurdle impeding end of currency controls

20-07-2024 17:53 Central Bank buys back majority of put options from financial entities, bringing President Javier Milei one step closer to lifting currency controls.

IMF ON ARGENTINA

IMF denies there is ‘specific timetable’ for new Argentina deal

11-07-2024 16:48 Julie Kozack, the Fund's communications director, contradicts claims by Economy Minister Luis Caputo that talks about new financing deal are underway and an agreement could be sealed this year.

POLITICS – ANALYSIS

Milei under pressure for the first time

06-07-2024 05:59 If the doubts regarding Milei’s capacity to preside over Argentina were tied to governability risk, Caputo’s are connected to credibility risk: it’s difficult to see how the current policy framework can be sustainable in time.

by Agustino Fontevecchia

FOREIGN CURRENCY RESERVES

Milei’s push to rebuild Argentina’s foreign reserves grinds to a halt

26-06-2024 23:36 Argentina's Central Bank is struggling to rebuild its chest of foreign reserves as it starts to spend money in currency markets to defend controls propping up the peso.

NEW IMF PROGRAMME?

Caputo says Argentina will seek new IMF programme to exit 'cepo'

11-06-2024 12:57 Economy Minister Luis Caputo says President Milei’s government intends to “negotiate a new programme” with the International Monetary Fund that will allow Argentina to remove currency controls.

OIL & GAS

Oil driller’s 1,400% world-beating rally hinges on Milei reforms

23-05-2024 13:52 Vista Energy boss Miguel Galuccio knows shale. But his plans lie in the hands of President Javier Milei.

CURRENCY CONTROLS

Argentina to offer bonds in first step to lift currency controls

26-04-2024 13:33 President Javier Milei's government readying a new instrument to allow companies to send dividends abroad, a first step to lift a cobweb of restrictions in its foreign-exchange market.

BLOOMBERG INTERVIEW

Milei sees long slog ahead to bring Argentina reforms he pledged

05-04-2024 11:14 While Milei made shutting down the Central Bank and dollarising the economy centrepieces of his political campaign, he acknowledges plans are going to take a lot longer than he expected.

FINANCE

Milei seeks US$15 billion for removal of currency controls

18-03-2024 11:24 President Javier Milei says he would open up restrictions on foreign currency immediately if he has US$15 billion; Money could be provided by the IMF, multilateral bodies, private investors and even “some countries."

ECONOMIC POLICY

Milei sets June deadline for lifting of capital controls

08-02-2024 06:24 Casa Rosada has a list of conditions required and assures that the dollar can be kept to around 1,000 pesos.

IMF DEBT PROGRAMME

IMF authorises US$4.7 billion loan tranche, says Milei will remove currency controls

01-02-2024 18:25 International Monetary Fund signs off on fresh loan disbursement and reveals Argentina will lift currency controls this year – though it warns political and social unrest may lie ahead.

BLOOMBERG – ANALYSIS

‘There is no money’: Argentina begins economic shock remedy

13-12-2023 11:41 Measures include 54% peso devaluation, additional 2% a month; Plan seen as step in the right direction, perhaps insufficient by traders.

Presidential handover

Argentina stops banks from hoarding dollars ahead of devaluation

07-12-2023 13:34 Central Bank limits amount of foreign currency the nation’s commercial lenders can hold, in a push to discourage US dollar hoarding ahead of an expected devaluation by president-elect Javier Milei.

ECONOMIC POLICY

Dollarisation is medium-term goal, Luis Caputo tells bankers

24-11-2023 22:06 Luis Caputo, who is leading Javier Milei’s economic team during the transition, tells banking executives in Buenos Aires that currency controls won't be lifted immediately and that dollarisation is a medium-term goal.

FX MARKET

Gov't depletes room to intervene in currency futures ahead of election

20-10-2023 16:47 Central Bank almost out of room to intervene in currency futures, the main avenue it’s been using to prop up the plunging peso.

BLOOMBERG – ANALYSIS

Recession, inflation, devaluation: Economic troubles in 5 charts

19-10-2023 13:46 Argentina’s next president will take over in the middle of a financial emergency — which is par for the course in one of the world’s most dysfunctional economies.

CURRENCY CONTROLS

Lacunza, Milei both warn against lifting FX controls suddenly

28-06-2023 10:26 Two opposition figures in Argentina with differing views struck the same chord Tuesday, warning against lifting the country’s strict currency controls right away when a new government takes office in December.

BLOOMBERG - ANALYSIS

Argentina slams on the brakes, keeps foot on accelerator

27-04-2023 23:10 Argentina's Central Bank just raised its rate by 1,000 basis points. What appears to be a sharp brake is too little too late. And it won't save the peso.

EXCHANGE MARKETS

'Blue dollar' hits 420 – the reasons behind exchange rate turbulence

19-04-2023 12:31 Argentina’s complicated exchange rate spectrum was hit by further turbulence on Tuesday. The reasons behind the instability, according to the experts.

by Santiago Escobar

CURRENCY CONTROLS

‘Dolár Malbec’: Argentina plans new exchange rate for wine producers

05-03-2023 08:42 New ‘wine dollar’ set to join country’s alphabet soup of parallel exchange rates, confirms Sergio Massa; Measure set to kick in April 1, with value set to be defined in next 20 days.

Bloomberg

Argentina must avoid ‘hot money’ pitfall, top economist says

28-12-2022 18:17 Influential Carlos Melconian details recommendations he is drafting for a more business-friendly government to enact following the 2023 elections.